You'll need to sign in or create an account to connect with an expert.
That is correct. The deduction for health insurance premiums for a self-employed individual are shown on Line 29 of Form 1040 and do not impact your business income. As pointed out in the previous answer, the free edition of turbotax will not handle the deduction for self-employed health insurance premiums.
That is correct. The deduction for health insurance premiums for a self-employed individual are shown on Line 29 of Form 1040 and do not impact your business income. As pointed out in the previous answer, the free edition of turbotax will not handle the deduction for self-employed health insurance premiums.
Remember that the amount of medical deduction you can receive is based on the amount in excess of 10% of your income if under the age of 65 and 7.5% if over that age. Example; If your adjusted gross income is $40,000 and your medical bills and health insurance payments total $3,500 you will not get any credit because this is less than 10% of $40,000. But lest say your medical bills and health insurance payment came up to $5,400, you will receive a deduction of $1,400 as this is the amount over $4,000 (10% of your adjusted gross income).
However, if you are self employed, you may want to use the self employed version of TurboTax which will allow you to claim that as an expense, which would reduce your taxable income.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ouida62714
New Member
BenedictaIris
New Member
-kendunn
New Member
Patti B Thomas
New Member
iamtestpass_5610
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.